MUMBAI (Reuters) -About 55% of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday.

Several economists have called Trump's tariff jolt India’s next ‘1991 moment' and suggested the government seize this opportunity to unleash the next round of far-reaching domestic economic reforms.

An unexpected 25 percent duty on the country—with another 25 percent hike scheduled for the end of the month—has U.S. importers scrambling to react.